INPEX CORPORATION announced today that the first shipment of Liquefied Natural Gas (LNG) has sailed from the Prelude Floating Liquefied Natural Gas (FLNG) facility, located 475 kilometers North East of Broome in Western Australia.
INPEX is involved in developing Prelude in Block WA-44-L offshore Western Australia through its subsidiary INPEX Oil & Gas Australia Proprietary Limited (IOGA) in partnership with Shell, the operator, and other joint venture partners. The Prelude FLNG facility gathers, processes, stores and offloads natural gas and condensate products at sea. Prelude commenced production of gas from the wellhead in December 2018 and shipment of condensate in March 2019.
IOGA’s equity portion of LNG from the Project at plateau production is scheduled to be supplied to JERA (approximately 0.56 MTPA) and Shizuoka Gas (approximately 0.07 MTPA), contributing to the stable supply of energy to Japan.
INPEX is engaged in multiple natural gas projects worldwide including the Ichthys LNG Project in Australia and the Abadi LNG Project in Indonesia as Operator. INPEX will aim to become a key player in natural gas development and supply in Asia & Oceania, one of the company’s business targets outlined in Vision 2040.
While the impact of this matter on the company’s consolidated financial results for the fiscal year ending December 2019 is minimal, the project is expected to generate a certain amount of revenue and cash flow from the fiscal year ending December 2020.